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Samsung offers Spansion $150 million settlement

Posted on Monday, June 20 2011 @ 22:01:08 CEST by


EE Times reports Samsung will pay $150 million to Spansion to settle patent issues:
South Korea's Samsung Electronics Co. Ltd. will pay NOR flash memory vendor Spansion Inc. $150 million over five years as part of a seven-year patent cross licensing agreement that settles all ongoing litigation between the two companies, Spansion said Monday (June 20).

The agreement calls for Samsung to make an initial payment of $25 million in August, followed by 20 quarterly payments of $6.25 million starting in the fiscal fourth quarter, Spansion (Sunnyvale, Calif.) said. But the first $30 million of the payments will be wiped out by Spansion's purchase of Samsung's bankruptcy claim against Spansion, Spansion said.

Provided that a bankruptcy court approves the claim as requested, the purchase of Samsung's bankruptcy claim will enable Spansion to retire between 1.65 million and 1.85 million shares, the company said.




 



 

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